HONG KONG, July 29 — Hong Kong’s long recession showed some signs of easing in the second quarter as coronavirus restrictions were lifted, but a quick recovery is now in doubt as a fresh wave of infections prompt the government to impose tough new health measures. The economy contracted 9.0 per...
Wednesday, 29 Jul 2020 05:19 PM MYT
The economy contracted 9.0 per cent in April-June from a year earlier, shrinking for the fourth quarter in a row and the second biggest drop on record, government advance estimates showed today. On Monday, the government announced it was banning gatherings of more than two people and closing down restaurant dining, as leader Carrie Lam warned the city is on the brink of a large-scale outbreak.
The global financial hub’s economy was already reeling from often violent anti-government protests late last year and the US-China trade war. “Consumption of services, which is very important to the Hong Kong economy, hasn’t come back. We are now in a worse shape than we were in Q2,” said Iris Pang, chief economist for Greater China at ING.
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